Wizard Business Loan
Wizard Mortgage Corp has introduced a residentially secured business loan with a rate of 5.99%.
“Some lenders will tell you that lending to a small business is riskier than home lending and will use that argument as an excuse to make business pay a premium.” said Wizard Chairman, Mark Bouris, in launching the product.
Mr Bouris went on to say that there is no reason why business should pay higher rates than home loan borrowers for finance when the security is the same.
The product certainly has one of the lowest rates on offer at the moment; undoubtedly business owners will be hoping that this move by Wizard will put pressure on all other lenders to drop rates. Of course Wizard is probably hoping that business owners show the same sort of faith in Wizard as Wizard has in them, and choose Wizard in favour of any other lender.